Borrowing – Payday Advance USCA http://paydayadvanceusca.com/ Wed, 23 Nov 2022 20:07:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://paydayadvanceusca.com/wp-content/uploads/2021/07/icon-4.png Borrowing – Payday Advance USCA http://paydayadvanceusca.com/ 32 32 Pension experts ‘shocked’ by hidden borrowing in UK schemes | pension industry https://paydayadvanceusca.com/pension-experts-shocked-by-hidden-borrowing-in-uk-schemes-pension-industry/ Wed, 23 Nov 2022 19:23:00 +0000 https://paydayadvanceusca.com/pension-experts-shocked-by-hidden-borrowing-in-uk-schemes-pension-industry/ Pensions experts have told MPs they are ‘absolutely shocked’ by the level of ‘hidden’ borrowing in UK pension schemes, which nearly spilled some funds during the bond market crisis in September and strained trustees cash-strapped to sell up to £500bn of assets. . Speaking to politicians on the Work and Pensions Committee on Wednesday, academics […]]]>

Pensions experts have told MPs they are ‘absolutely shocked’ by the level of ‘hidden’ borrowing in UK pension schemes, which nearly spilled some funds during the bond market crisis in September and strained trustees cash-strapped to sell up to £500bn of assets. .

Speaking to politicians on the Work and Pensions Committee on Wednesday, academics and pensions experts laid bare the risks that certain types of liability-oriented investments, or LDIs, posed for retirement savings.

Defined-benefit pension funds, which guarantee a fixed pension at retirement regardless of investment performance, were found wanting during the bond crisis. They appeared to have relied heavily on LDI hedging deals, which involved holding government bonds as collateral. When the value of government bonds fell dramatically after the disastrous Liz Truss-Kwazi Kwarteng mini-budget, pension plan administrators were forced to quickly sell their holdings to raise funds. This further depressed the value of the bonds, causing a “catastrophic loop”.

In a few days, the The Bank of England had to step in with a £65bn emergency bond purchase program to prevent a large number of LDI funds from going bankrupt.

John Ralfe, an independent consultant and pensions expert who previously managed the Boots pension scheme, expressed concern about the extent of leverage – in effect borrowing – used by pension schemes in the as part of their LDI strategies.

UK rules prohibit pension schemes from borrowing money to fund investments, but experts such as Ralfe and Henry Tapper, executive chairman of Agewage, have said LDI hedging arrangements are the same as borrowing .

“Pension funds shouldn’t be borrowing money, and in my mind leverage is borrowing,” Tapper told MPs. “There is a difference between matching your assets and liabilities, which is hedging, and leveraged LDI, which is pure speculation.

What has absolutely shocked me about what we’ve seen over the past few weeks is… the hidden leverage,” he explained, referring to borrowing levels that would otherwise did not appear on company pension plans or balance sheets.

“I don’t think it’s widely known. If you look at all the information produced by the pension regulator and the pension protection fund … there is nothing,” Ralfe said. “If you look at individual company accounts, there’s nothing there. So it was hidden. »

Iain Clacher, a professor at the University of Leeds business school, also blamed leveraged LDI programs for the bond market meltdown.

“If you only look at the active side, based on the calculations that myself and Con [Keating] have done, we estimate that around £500 billion is probably missing somewhere. And it’s not a waste of paper. It’s a real loss because pension funds were selling assets to meet collateral calls,” Clacher said.

And while the pensions regulator admitted to encouraging the use of hedging strategies, including LDI, experts told MPs on Wednesday that watchdogs had failed to keep up with the systemic risks associated with their widespread use.

The Pensions Regulator launched an investigation into the use of the LTD after the bank of england drew attention to the schemes in its Financial Stability Report in 2018. However, experts said the regulator failed to properly understand the systemic risks created.

“The most important thing is that there is not a single numerical estimate of risk in this [pension regulator] report,” said Con Keating, head of research at the Brighton Rock Group.

About 60% of pension schemes would use the LTD, according to the Regulator of pensions.

Keating added that the regulator was aware of the risks before the market collapsed in September and claimed the crisis was ‘entirely predictable’, contradicting claims by watchdogs including the Financial Conduct Authority, which also appeared before parliamentary committees in recent weeks.

However, Jonathan Camfield, a partner at Lane, Clark & ​​Peacock, defended the use of LDI and told MPs that leverage was an important part of ensuring company pension schemes can pay pensions. retirees.

He said that while leverage created systemic risk and LDI needed “better management going forward, these strategies were an ‘effective’ way to protect against interest rate fluctuations and the inflation.

“LDI will have been a success for diets that have been in LDI [in the] halfway,” he said.

The pension regulator declined to comment.

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Tuesday preview: UK public sector bonds, CRH in the spotlight https://paydayadvanceusca.com/tuesday-preview-uk-public-sector-bonds-crh-in-the-spotlight/ Mon, 21 Nov 2022 18:38:33 +0000 https://paydayadvanceusca.com/tuesday-preview-uk-public-sector-bonds-crh-in-the-spotlight/ On Tuesday, investors were expected to focus on UK public sector borrowing data covering the month of October. The Office of National Statistics would release the figures at 0700 GMT. In the United States, a series of speakers from the American central bank who are to give speeches. Among them were the head of the […]]]>

On Tuesday, investors were expected to focus on UK public sector borrowing data covering the month of October.

The Office of National Statistics would release the figures at 0700 GMT.

In the United States, a series of speakers from the American central bank who are to give speeches.

Among them were the head of the Federal Reserve Bank of Cleveland at 4:00 p.m. GMT, the head of the Kansas City Fed at 7:15 p.m. GMT and his counterpart from the St. Louis Fed at 7:45 p.m. GMT.

On the other side of the Channel, at 15:00 GMT, Eurostat was due to release its preliminary reading of consumer confidence in the single currency bloc covering the month of November.

Further on, rate setters in Wellington, New Zealand were due to announce a 75 basis point hike in the official exchange rate to 4.25%.

On the business side, HRC was to provide a trade update for the third quarter.

For UBS Analyst Gregor Kuglitsch said investors would focus on the outlook out to 2023, with infrastructure tailwinds expected to be offset by U.S. housing headwinds.

The result was expected to be a slight decline in like-for-like earnings before interest, tax, depreciation and amortization.

Looking to the third quarter, Kuglitsch had forecast a 10% jump in organic sales while organic EBITDA growth was estimated at 6%.

However, once currency movements and mergers and acquisitions are taken into account, EBITDA remained broadly flat compared to the $1.9 billion achieved in the comparable period of the prior year.

tuesday november 22

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Something old, new, borrowed and blue all rolled into one (B&B Two Scoops review Nov 21, 2022) https://paydayadvanceusca.com/something-old-new-borrowed-and-blue-all-rolled-into-one-bb-two-scoops-review-nov-21-2022/ Sat, 19 Nov 2022 23:20:23 +0000 https://paydayadvanceusca.com/something-old-new-borrowed-and-blue-all-rolled-into-one-bb-two-scoops-review-nov-21-2022/ Do as I say, not as I do Henri Samiri dominated the series in his role as Douglas Forrester when Douglas had to show his father again who the mature person in the play was. Thomas told Douglas to stop fooling people with the Voice Changer app, and when Douglas started complying with his father’s […]]]>

Do as I say, not as I do

Henri Samiri dominated the series in his role as Douglas Forrester when Douglas had to show his father again who the mature person in the play was. Thomas told Douglas to stop fooling people with the Voice Changer app, and when Douglas started complying with his father’s demand to remove the app, guess what he found out? That her father had tricked people with the Voice Changer app!

It was a priceless “do as I say, not as I do” moment, and you should have seen the look on Thomas’ face when he was arrested for further harming a child. Apparently sons know best, not fathers. For Douglas, it felt a lot like the time Thomas lied about baby Beth. Thomas tried to pretend that Brooke made the call from Douglas’ phone. Douglas said, “I’m not stupid. I know what you did. It was wrong. Period.”

All the fun, fun, fun in the great-grandfather ended with a snap of his jaw as Thomas urged Douglas to lower his morals because his grandfather loves Taylor more than Brooke. Not only that, but Thomas also forced Douglas to attend the rehearsal dinner and participate in the wedding ceremony, knowing that Douglas opposes the manipulations that brought about the occasions. Douglas’ face is longer than a list of Ridge’s failed marriages, and I wouldn’t be surprised if Douglas called Liam to say he’s ready to go home.

Usually, when a child hides something from a parent, it’s something bad, but Douglas ended up hiding something good from Thomas – proof of the truth about calling child protective services . Why Thomas didn’t delete it himself, I can’t tell you. For now, it’s hidden under Douglas’s pillow. Will one of the adults find it?

For all the attention the adults didn’t give to Douglas’ feelings at the party, I doubt it. None of the adults seemed to understand how the child was being tortured. I guess that’s what moms are for. Hope would have immediately known something was wrong with her son, which is likely why the writers conveniently sent her out of town for the wedding.

Thomas is monstrous to put the weight of Ridge, Taylor, and Brooke’s happiness on Douglas’s shoulders. If he was a decent father, he would tell the truth and relieve Douglas.

“Ridge don’t marry you just because Brooke did something”

Ridge had a brilliant idea and proposed to Taylor to marry what looked like a mock chiffon dress he had probably dug up from Thorne’s old basement office. When Ridge shone the spotlight on it, he reminded her of the time he proposed to her while she was in a wedding dress on the catwalk. Just like that, Ridge proved he was following his same old patterns again, and just like that, Taylor proved she was still dumb enough to fall for it.

Since hearing Brooke’s fake voice on the CPS recording, Ridge has been more devastated than a devoted fan at Milli Vanilli’s last gig. He finally told Taylor what was bothering him: Brooke had done something! Ding! Ding! Ding! This is the very reason Taylor said she didn’t want to be with Ridge, so why is she still up there toasting to herself and Ridge?

Oh, because the alcoholic is drunk? Maybe, because Taylor can’t be sober in her mind and still wants to marry Ridge after hearing how passionate he was about Brooke calling CPS. Ridge claimed that was not the reason he proposed. He said he loved Taylor and deserved an honest woman with him. Heck, he even told Thomas that people deserved to know the truth.

So why wasn’t Ridge honest with Brooke? And why wasn’t he honest with Taylor or with himself? If Taylor was honest with herself and found a piece of spine, she would end this whole fiasco. Taylor just needs more incentive to do the right thing. Here are five more reasons why Taylor needs to cancel her trip to the altar.

First reason: Ridge offered Taylor to run away from Brooke – again! Often when Ridge proposes to Taylor, it’s in reaction to something about Brooke. In fact, he did the ’90s runway proposal with a dress and ring meant for Brooke. He proposed to “Man and Horse” after Brooke dumped him for drugging sex with Taylor. He proposed to “Berry Island” after Thomas lied about having sex with Brooke. Taylor must do some serious backtracking on all of Ridge’s marriage proposals and get away!

Reason 2: He lives with you, but his stuff is at Brooke’s. I don’t think I need to say more, do I? His cufflinks are over there. Her underwear is probably still there. I bet his nose hair trimmer and earwax remover are in his closet. Ridge will always have one foot in Brooke’s mansion and one in Taylor’s boom-boom bungalow, so Taylor should drop her Ridge pom poms and run!

Reason 3: Taylor’s kids keep telling him he won’t marry her because of what Brooke did. Do you know what that means? He totally marries her because of what Brooke did. Why aren’t her children just being honest with her? We know why Thomas won’t, but Steffy, the divorce and annulment expert, must save her mother from disaster and tell her to run away!

Reason Four: He went from married to annulled to engaged to married in less than 24 hours. It must be a record for Ridge to go from married to married so quickly. As Donna asked, shouldn’t that be a red flag for Taylor? And Donna, the mistress, would know that from experience. She and Eric have never bounced back in such a quick marriage. Once, Ridge said he was quick to marry Taylor because he was afraid he would change his mind. Taylor better recognize the sign and run!

Fifth reason: your spouse is something old, new, borrowed and blue in one. The main reason Taylor has to stop this marriage is because Ridge has become something old, new, borrowed, and blue all rolled into one. I know a husband is supposed to be many things in one, but not these. This story with Ridge is old and tiring, although Thorsten Kaye and Krista Allen in the roles are something new. Ridge is a borrowed man, and because he’s not with his Logan, he’s completely blue. It always ends with Taylor being thrown down the aisle. All she has to do is put on her sneakers and run!

One spoon less than a full bowl

Here are a few things happening in Los Angeles that I don’t quite relate to, so I’ll detail them here and get your opinions.

Carter listening to Brooke and Bill. Carter played errand boy for the groom, but I’m sure that’s the groomsman’s job. Anyway, Carter went to get Ridge’s cufflinks from Brooke’s, and he had an earful of Bill making a play for Brooke yet again. Why would what Carter heard be upsetting to anyone? Bill has been professing his love for Brooke ever since the jet landed from Aspen. Katie knows this and claims to have gotten over it, so what’s the point?

And did Carter say he would sneak into Brooke’s house, and she’d never know he was there? Does he also know that his key is in the flowerpot? I know he was just picking up cufflinks, but he snuck into a woman’s house? I think that was a very tasteless detail for the writers, given that Andy snuck into Brooke’s house and raped her.

Steffy’s lingerie dress. I mean, it was cute, but why the hell was she wearing it in front of her grandfather, father, brother, and nephew?

Speaking of lingerie…Why was Taylor down in the living room, twirling around in her short nightgown and see-through dress like an adult Snow White? I know Zende is out of town, but Eric lives there, Douglas lives there, and Thomas lives there. And if it was all innocent, I would still need the fickle Tinkerbell Taylor to step aside.

Douglas is more of a fly than a designer. Douglas might be the next hottest fashion designer, and you can tell by the way he dresses. He was debonair in his suit with his shoulder chain at the rehearsal dinner, and he showed off his grandfather Ridge, who looked like he had just returned from a rough night as a lounge singer during a wrestling match. Is Ridge seriously planning on wearing that big hand bandage at his wedding?

Don’t tell the Logans. I’d love to know how the CPS call secrecy can get out, and people actually complied with Thomas’ nonsense about not telling Brooke. Steffy couldn’t wait to “call Brooke” but backed down from Thomas’s order. Eric didn’t mention it in pillow talk with Donna, and he didn’t say anything to Katie in the office. Wouldn’t you think Eric would be eager to ask Donna or Katie why Brooke did something like that?

Preview: Slow Cruise to Marriage

This week, Patrick Duffy will reprise his role as Stephen Logan.

Carter blasts Bill after overhearing Bill’s conversations with Brooke and then Katie. Looks like Bill needs to start checking who’s listening before he opens his mouth these days, and Carter should stop hiding in the shadows. Doesn’t he have a wedding to celebrate? Or does he?

Previews indicate that Taylor and her ’80s prom gloves will be coming down the aisle, but we might have to wait until after Thanksgiving to find out if Ridge and Taylor are getting married or if someone is putting a stop to this wreckage.

Thanks for reading. Please place your thoughts on the week in the comments section below. Have a bold and beautiful Thanksgiving, baby!

Chanel

What do you think of The Bold and the Beautiful? What did you think of this week’s Two Scoops? We want to hear from you – and there are plenty of ways to share your thoughts.

Two Scoops is an opinion column. The opinions expressed are not intended to be indicative of the opinions of Soap Central or its advertisers. The Two Scoops section allows our Scoop staff to discuss what could happen and what did, and share their opinions on it all. They stand up for their opinions and don’t expect others to share the same point of view.

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The UK is already in recession, forcing it to borrow up to £177billion this year https://paydayadvanceusca.com/the-uk-is-already-in-recession-forcing-it-to-borrow-up-to-177billion-this-year/ Thu, 17 Nov 2022 12:00:00 +0000 https://paydayadvanceusca.com/the-uk-is-already-in-recession-forcing-it-to-borrow-up-to-177billion-this-year/ Thursday, November 17, 2022 12:00 p.m. The Office for Budget Responsibility (OBR) has cut its forecast for the UK economy sharply since its last projection just eight months ago in March, Hunt said (Photo by Rob Pinney/Getty Images) The UK is already in a recession which will drive a huge hole in public finances, forcing […]]]>

Thursday, November 17, 2022 12:00 p.m.

The Office for Budget Responsibility (OBR) has cut its forecast for the UK economy sharply since its last projection just eight months ago in March, Hunt said (Photo by Rob Pinney/Getty Images)

The UK is already in a recession which will drive a huge hole in public finances, forcing the government to raise taxes and cut spending, Chancellor Jeremy Hunt said in his autumn statement today .

The Office for Budget Responsibility (OBR) has revised its forecast for the UK economy sharply downwards since its last projections just eight months ago in March, Hunt said.

At the time, the budget watchdog forecast growth of 1.8% next year. Now he has warned of a 1.4% contraction.

OBR expects modest growth in March 2022 forecast

The OBR has significantly revised down its GDP projections from March 2022.
Source: OBR

Weaker growth is expected to reduce government tax revenue, forcing it to borrow up to £177 billion this year, nearly £100 billion more than the OBR forecast in March. The debt pile will rise by £140bn next year and is slightly lower at £70bn five years from now.

A historic shock to living standards triggered by runaway inflation is plaguing household and business finances, causing a huge economic slowdown.

The OBR’s warning matches projections from the Bank of England earlier this month, which warned the country was on track for the longest recession on record at two years, should rates rise above 5% .

Yesterday’s figures revealed the consumer price index climbed to 11.1%up one percentage point from September and well above Bank and City forecasts.

The OBR estimates that inflation will average 7.4% next year, down from 4% in its previous projections.

Lower economic growth reduces a government’s tax levies because consumers and businesses spend less.

This weakened the UK’s fiscal position, forcing Hunt into £55billion in tax hikes and spending cuts.

Recession “means making tough decisions. Anyone who says there are easy answers is not being straight with the British people,” Hunt said.

He announced a series of stealth tax hikes that will bring more money into the treasury due to high inflation pushing up people’s wages, known as the fiscal drag.

The level at which Britons will start paying the top 45% income tax rate has been reduced from £150,000 to £125,140.

A windfall tax on oil and gas producers has been raised from 25% to 35%. Hunt also launched a new 45% tax on electricity generators. In total, the measures will bring in £14 billion.

Hunt said he “opposes windfall taxes if they really relate to windfall profits caused by unexpected increases in energy prices.”

Critics said energy companies were taking advantage of Russia’s illegal invasion of Ukraine, pushing gas and electricity prices higher. Others say a single tax will discourage investment in renewable energy infrastructure in the UK.

The level at which employers start paying workers’ National Insurance bills has been frozen, while capital gains tax relief has been cut by more than half to £6,000.

A series of departmental budgets have been cut in real terms.

The OBR forecast will be published soon.

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Opinion: Canada’s Biggest Source of Inflation: The Government Has Borrowed Over $700 Billion https://paydayadvanceusca.com/opinion-canadas-biggest-source-of-inflation-the-government-has-borrowed-over-700-billion/ Mon, 14 Nov 2022 23:44:26 +0000 https://paydayadvanceusca.com/opinion-canadas-biggest-source-of-inflation-the-government-has-borrowed-over-700-billion/ Prime Minister Justin Trudeau and Deputy Prime Minister and Minister of Finance Chrystia Freeland in the House of Commons on Parliament Hill in Ottawa on November 3.Justin Tang/The Canadian Press John H. Cochrane is a senior fellow at Stanford University’s Hoover Institution and author of The tax theory of the price levelavailable January 2023. Jon […]]]>

Prime Minister Justin Trudeau and Deputy Prime Minister and Minister of Finance Chrystia Freeland in the House of Commons on Parliament Hill in Ottawa on November 3.Justin Tang/The Canadian Press

John H. Cochrane is a senior fellow at Stanford University’s Hoover Institution and author of The tax theory of the price levelavailable January 2023. Jon Hartley is a PhD student in economics at Stanford University and a research fellow at the Foundation for Research on Equal Opportunity.

The most important source of inflation in Canada is simple: starting in 2020, the the government borrowed more than 700 billion dollars, and especially distributed. People spent it, driving up prices.

It was of course normal for the government to help people and businesses severely affected by the COVID-19 pandemic. And debts and deficits do not automatically cause inflation – Canada can borrow an immense amount without impacting the price level if the government has a credible repayment plan.

But the government had gone too far in borrowing and spending without such a plan. People are trying to get rid of government debt, driving up the price until its real value returns to what people think the government will repay.

Fiscal and monetary policies are linked. The key to unraveling the current mess is recognizing that the government cannot borrow more without causing more inflation.

The Bank of Canada bears part of the responsibility for the problem. He waited a full year for inflation to burst, eventually raising interest rates from 0.25% to 0.5% last March. Whether the bank’s slow action made inflation worse is a matter of debate, but it certainly didn’t help.

Other popular arguments don’t work. Supply chain shocks increase one price relative to another, not all prices and wages together. Energy prices have gone up and down several times without triggering inflation. Greed has always been with us.

Part of the inflation is imported from the United States. When that country experiences inflation, Canada must follow or adjust to a higher exchange rate. He chose inflation.

Fortunately, the deficits are fading and inflation has gone from 8.1% in June to 6.9% in September. But the situation remains dangerous: Canada is now struggling with a debt that exceeds 100% of GDP. And the economy is clearly running at full speed.

Every one percentage point rise in the interest rate now raises interest charges on the debt by 1% of GDP, worsening the deficit and driving up inflation. Rising interest rates may not reduce inflation at all, and Canada is also vulnerable to a rise in global rates.

The government to plan providing billions of dollars in cost-of-living inflation relief is almost comical. He sent people money and caused inflation. In response, he sends even more money to people. We go around.

In the next recession, the government will want to respond with more bailouts, stimulus and transfers. But these are now likely to trigger more inflation.

And if a major crisis such as war or a larger pandemic were to arise, Canada would somehow need to borrow large sums. Then what ?

Economic stagnation is the deeper problem. from Canada Real GDP per capita only increased from $53,834 in 2007 to $56,197 in 2021. In US dollars, it barely increased from $42,097 to $43,945. Even the dysfunctional US did better, dropping from $54,300 to $61,280. American incomes are now a shocking 40% higher than Canadians.

Inflation teaches us that Canada cannot borrow and spend its way to growth. So what can be done?

A strong program of supply-side, growth-oriented policies is the only answer. This is the surest way to fight debt and inflation: higher incomes produce more government revenue for the same tax rate and reduce the need to spend. By contrast, tackling fiscal problems with higher taxes is like walking on a sand dune.

Canada recovered from debt, inflation and stagnation in the early 1990s, without a painful recession. The same ingredients can work again. Start by taking the central bank’s inflation mandate seriously. An inflation target means inflation, not jobs, climate change or other goals properly left to elected politicians.

Fiscal policy must commit to fighting inflation – to paying down rather than increasing debt. In addition, the government needs an economic package focused on spending and regulatory reforms, and supply-side growth. For example, boost energy, remove housing restrictions, and fix business licenses. Remove the sand from the gears.

Every successful disinflation in the past has included monetary, fiscal and microeconomic reforms. Attempts to stop inflation without all three have generally failed.

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Albanian daily news https://paydayadvanceusca.com/albanian-daily-news/ Sat, 12 Nov 2022 08:17:29 +0000 https://paydayadvanceusca.com/albanian-daily-news/ Inflation is stable and widespread in the economy, prompting the Bank of Albania to raise the base interest rate again by 0.5 percentage point. This decision is expected to lead to a further increase in yields and borrowing costs in the domestic financial market. Meanwhile, the belief is maturing among pundits that interest rate hikes […]]]>

Inflation is stable and widespread in the economy, prompting the Bank of Albania to raise the base interest rate again by 0.5 percentage point. This decision is expected to lead to a further increase in yields and borrowing costs in the domestic financial market. Meanwhile, the belief is maturing among pundits that interest rate hikes by central banks are towards the end of the most aggressive phase and perhaps next year it will take a slower pace.

The Bank of Albania raised the base interest rate last week for the fifth time this year. For the third consecutive time, the base interest rate has increased by 0.5 percentage point and has already reached 2.75%, its highest level since the end of 2013.

Some analysts believed that the Bank of Albania could somewhat slow the pace of monetary normalization and reduce growth by 0.5 percentage point between November and December.

However, the Supervisory Board’s recent decision reflects the Bank of Albania’s growing concern about the nature of inflation. The highest inflation in 24 years is no longer only read as a supply shock, but as a phenomenon that has been widely tracked in production costs and has been largely reflected in all products and services produced in the Albanian economy.

“Rising prices have started to be present in most of the basket, including items where most of the value added is created in the country.

This trend suggests the simultaneous increase in the base and the intensity of inflationary pressures. The increase in internal inflationary pressures reflects the action of three factors.

Firstly, the good cyclical position of the Albanian economy, which has its origins in the stability of the demand for goods and services and implies a strong use of national production capacities, has been accompanied by a rapid increase in wages.

Second, the high prices of raw materials, oil and energy, lead to further increases in national production costs. Third, the increase in expected inflation affects the increase in futures prices,” the Supervisory Board’s latest statement said.

The main indicator that proves the sustainability of inflationary pressures is core inflation, which excludes products that by nature have high price volatility, mainly food and energy products.

In September, this indicator reached 8.44%, the highest level ever recorded by the Bank of Albania.

Core inflation is a particularly important indicator in monetary policy decision-making because it tends to strip headline inflation of the effects of supply shocks or other factors with a short-term impact. It represents the most stable part of inflation, which is influenced by demand factors and, therefore, monetary policy.

Costs for borrowers are still rising

While historically there have been concerns about the functioning of the monetary policy transmission mechanism in Albania, this time around it seems that its movements are rapidly transmitting to the financial market.

The segment most sensitive to movements in base rates, the primary market for public debt instruments, is now evolving at an even faster pace. Earlier this month, the weighted average yield on 12-month bonds reached 5.74%, marking a new nine-year high.

High inflation and central bank signals have created high expectations for further interest rate hikes. It is also for this reason that yields on short-term instruments increase at rates faster than the base interest rate.

While over the March-October period the base interest rate increased by 1.75 percentage points, the weighted average yield on 12-month bonds more than doubled, by 3.95 percentage points percentage.

After the last rate hike on Nov. 2, the market is likely to react with a further rise in yields. Faced with high inflation, which has already exceeded the level of 8%, investors are trying to reduce the negative gap in real interest rates from which they benefit to finance the Albanian government’s debt.

Rising yields increase Albanian government spending on debt interest.

According to data from the Ministry of Finance, for the first nine months of the year, the budget spent 21.1 billion lek on domestic debt interest, which is 7% more compared to the 9-month period of Last year. Growth is also expected to continue next year. The 2023 budget interest expense is expected to be ALL 60.9 billion, up 20% from 2022.

The consequences of rising yields are becoming increasingly tangible even for private borrowers, who have variable-rate lek loans, which are typically constructed on the basis of the yield on 12-month bonds plus a fixed margin.

Over the course of a year, the 12-month bond yield has increased by around 4.1 percentage points, an increase that will automatically be passed on to borrowers, who benefit from the periodic revaluation of the loan installment in Lek in November. .

This means an increase of around 45% in the monthly installment of a typical home purchase loan taken out in Lek currency. The increase in borrowing interest charges will deal an additional blow to family budgets, already affected by the highest inflation in 24 years.

The increase in interest rates is starting to be reflected in the price of new loans in Lek. Data from the Bank of Albania shows that in September the average interest rate for new loans to Lek reached 7.07%, the highest level since February 2018.

Currently, the average interest rate for new lek loans has increased by 1.18 percentage points compared to a year ago and by 1.6 percentage points compared to March this year, when the Bank of Albania has started monetary normalization.

Growth has started to stabilize, especially after July, and the average interest rate on new loans is rising for the third month in a row.

Meanwhile, the average deposit interest rate in Lek hit the highest level in at least seven years in September. According to data from the Bank of Albania, the average interest rate for all term deposits in September jumped to 1.45%, rising for the third month in a row.

Compared to March, when the Bank of Albania started the cycle of increasing the base rate, the average interest on time deposits in Lek increased by 0.75 percentage points, or 107%, writes among others the “Monitor”.

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Zephyr Energy PLC increases its borrowing base https://paydayadvanceusca.com/zephyr-energy-plc-increases-its-borrowing-base/ Thu, 10 Nov 2022 09:25:12 +0000 https://paydayadvanceusca.com/zephyr-energy-plc-increases-its-borrowing-base/ Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) told investors that its borrowing base had grown as the company continued to grow its assets in America. The company, in a statement, said its North Dakota-based lender First International Bank and Trust (FIBT) had completed a scheduled semi-annual re-determination of the company’s revolving credit facility, resulting in […]]]>

Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) told investors that its borrowing base had grown as the company continued to grow its assets in America.

The company, in a statement, said its North Dakota-based lender First International Bank and Trust (FIBT) had completed a scheduled semi-annual re-determination of the company’s revolving credit facility, resulting in a $30 increase. %.

Its new borrowing base is US$13 million, of which US$8 million has been drawn so far.

Zephyr meanwhile noted that it still has $15.8 million in borrowings outstanding (the majority of which is a senior bank term loan with FIBT), and that it now has about 18, $5 million in available cash.

“The successful re-determination and resulting 30% increase in the RCF borrowing base is an excellent testament to the strength of Zephyr’s underlying assets – and the increase in debt capacity is particularly noteworthy. in light of the company’s production revenues of more than US$25 million in the first half of 2022,” said chief executive Colin Harrington.

“We expect to continue to generate strong free cash flow for the foreseeable future, which in turn will fund the planned expansion of our operated and non-operated asset portfolios.”

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Borrowing drops 13% for multi-family commercial start-ups in the third quarter https://paydayadvanceusca.com/borrowing-drops-13-for-multi-family-commercial-start-ups-in-the-third-quarter/ Tue, 08 Nov 2022 16:03:28 +0000 https://paydayadvanceusca.com/borrowing-drops-13-for-multi-family-commercial-start-ups-in-the-third-quarter/ Commercial and multi-family mortgage originations fell 13% in the third quarter of 2022 compared to the same period last year, according to the Mortgage Bankers Association‘s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. “After a strong first half, rising interest and capitalization rates began to affect deal volume in the third quarter,” said Jamie […]]]>

Commercial and multi-family mortgage originations fell 13% in the third quarter of 2022 compared to the same period last year, according to the Mortgage Bankers Association‘s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

“After a strong first half, rising interest and capitalization rates began to affect deal volume in the third quarter,” said Jamie Woodwell, head of commercial real estate research at the MBA. “Rising yields from investment alternatives – including the 10-year Treasury yield which more than doubled in the first nine months of the year – have shifted real estate finance and values, and it will take time for the market to fully absorb these changes.Volatility also had an impact, making trade sizing extremely difficult.The result was the first of what could be many quarters of borrowing and trading activity. ready depressed.

“Different sources of capital felt the downturn in different ways – with third quarter issuance in the CMBS market down nearly 75% from a year earlier, while issuance by banks and other custodians increased. by 25%,” continues Woodwell. “A general decline in transaction activity is likely to impact all sources of capital, but perhaps not in the same way.”

Compared to the previous year, a decline in originations for offices, multi-family and retail led to an overall decline in commercial/multi-family loan volumes. By property type, office decreased by 44%, multi-family dwellings decreased by 16%, retail decreased by 6% and industrial decreased by 4%. Loans backed by hotel properties increased 24% and healthcare increased 61%.

Among investor types, the dollar volume of loans issued for commercial mortgage-backed securities (CMBS) was down 71% year-over-year, life insurance company portfolios down 42%, government-sponsored companies (GSE – Fannie Mae and Freddie Mac) down 15%, and investor-focused lenders down 8%. Originations for custodians increased by 25%.

On a quarterly basis, originations in the third quarter for office properties decreased by 31% compared to the second quarter of 2022. There was a decrease of 27% in originations for commercial properties, a decrease of 21% for healthcare buildings, a decrease of 12% for multi-family properties and a decrease of 6% for industrial properties. Originations for hotel properties increased by 45%.

Among investor types, dollar lending volume for life insurance companies fell 37%, commercial mortgage-backed securities (CMBS) fell 35%, originations for lenders focused on investors decreased by 22% and loans to depositories decreased by 7%. Mounts for government-sponsored companies (GSE – Fannie Mae and Freddie Mac) increased by 17%.

Read the full report here.

Image: Etienne Beauregard-Riverin on Unsplash

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BJP’s HP poll manifesto cut-copy-paste old promises, borrowed a few from us: Cong https://paydayadvanceusca.com/bjps-hp-poll-manifesto-cut-copy-paste-old-promises-borrowed-a-few-from-us-cong/ Sun, 06 Nov 2022 14:38:17 +0000 https://paydayadvanceusca.com/bjps-hp-poll-manifesto-cut-copy-paste-old-promises-borrowed-a-few-from-us-cong/ Congress on Sunday denounced the ruling BJP over its manifesto on the Himachal Pradesh poll, calling it a “cut-and-copy-paste” of their five-year-old promises and partly borrowed from the 2022 election document of the big old party. On Sunday, BJP Chairman JP Nadda promised a Uniform Civil Code (UCC), a 33% reservation for women in government […]]]>

Congress on Sunday denounced the ruling BJP over its manifesto on the Himachal Pradesh poll, calling it a “cut-and-copy-paste” of their five-year-old promises and partly borrowed from the 2022 election document of the big old party.

On Sunday, BJP Chairman JP Nadda promised a Uniform Civil Code (UCC), a 33% reservation for women in government jobs and educational institutions, and concessions for different segments as he posted the party manifesto for state polls.

A mix of Hindutva, development and welfare promises underpinned the ‘Sankalp Patra’, with Nadda also issuing a separate manifesto for women, a voting segment where measures such as free grain, Cooking gas connections and toilets have elicited favorable responses for the BJP in different polls. Congress official for Himachal Pradesh Rajiv Shukla and party leader Alka Lamba called the BJP manifesto a “cut-and-copy-and-paste” document. ”Jairam Thakur used cut, copied and pasted the 2017 BJP manifesto and borrowed points from the Congress 2022 manifesto,” Lamba asserted.

In a press conference here with Lamba, Shukla claimed, “Their 2022 manifesto is a bunch of lies. If they haven’t implemented the previous one, will they now? ” Shukla also said that the BJP manifesto did not say a word about the old pension scheme, the reinstatement which has been a key demand of government employees.

”The establishment of the old pension scheme is a big request, but they are not doing anything about it. Our governments in Rajasthan and Chhattisgarh have implemented it,” he said.

On the BJP’s promising implementation of a uniform civil code in Himachal Pradesh if the party is elected to power, Shukla asked who stopped them from doing so in Uttarakhand where they promised earlier.

”They haven’t enforced it anywhere, but at poll time they come out with such ‘jumla’ (rhetoric).

Targeting the BJP more on his manifesto, Shukla said, “First they were supposed to release it on November 4th. Then someone told them that Congress would release its manifesto on November 5. They copied and used points from our document. But what they forgot was that they had released their manifesto in 2017 and again incorporated some promises that had not been fulfilled earlier. , adding: ”They neither implemented the promises in 2017 nor are they going to do so now, they are just deceiving people. ”In 2017, they promised that all the roads would be connected to the villages, but they did nothing and have now repeated the promise, Shukla alleged.

The BJP promised seed money last time and did nothing for five years. Now when they saw the congress manifesto talking about a start-up fund of Rs 680 crore, so they made that promise again, he claimed.

”In 2017, the BJP promised 1 GB of free data to young people, but they didn’t fulfill it. Congress in its 2022 manifesto promised 5 lakh jobs, of which 1 lakh will be government jobs. The BJP has pledged the creation of eight lakh job opportunities in phases. They did not limit it in time. So it’s just a ‘jumla’ (rhetoric),” he said.

They should put out a newsletter of what they’ve done. But they have nothing to show, they have not kept their promises, alleged the leader of Congress.

The BJP said the GST would be limited to 12% for apple growers. But why don’t they scrap the GST, Congress asked.

Lamba claimed that apple growers in the state are forced to sell their produce at low prices in the absence of a law guaranteeing MSP.

About the old pension scheme, she said that the Congress run Rajasthan and Chattisgarh implemented it without the help of the Center and the beneficiaries are reaping the benefits.

“Within 10 days of coming to power, we will implement this in Himachal Pradesh as well,” Lamba said.

Responding to a question, Shukla said a victory in the state would send a big message since it is “important to stop autocratic rule”.

When asked where the resources would be mobilized from to deliver on the congressional poll promises, he said: “We gave points on how we intend to generate revenue.” On BJP leaders mentioning the Ram Temple in their speeches, Shukla said, “From the very beginning, we took a stand that a great Ram Temple should be built if the Supreme Court ordered it. After the Supreme Court paved the way for its construction, we welcomed it.” “We are not seeking votes on behalf of Lord Ram. When the polls approach, they (the BJP) raise the issue of Ram’s temple “, did he declare.

Accusing the BJP of remaining silent on issues like inflation, Lamba said Himachal Pradesh had an unemployment rate of 9.2% and 14 lakh unemployed.

But the BJP is talking about creating job opportunities in stages, she said.

Lamba spoke about the issue of women’s security in the hill state and asked what steps had been taken by Jairam Thakur’s government to address it.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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Top Headlines: Borrowing Cost Bite, Trade Data Sharing Mechanism https://paydayadvanceusca.com/top-headlines-borrowing-cost-bite-trade-data-sharing-mechanism/ Wed, 02 Nov 2022 02:57:00 +0000 https://paydayadvanceusca.com/top-headlines-borrowing-cost-bite-trade-data-sharing-mechanism/ Borrowing costs bite: Soaring interest rates hurt corporate profits Following the contribution of loans to corporate results for nearly two years after the outbreak of the pandemic, interest charges on them began to weigh on corporate profits. Listed companies (ex-BFSI) combined interest expense increased 18.5% year-on-year (YoY) in Q2FY23, compared to an 8.8% […]]]>


Borrowing costs bite: Soaring interest rates hurt corporate profits

Following the contribution of loans to corporate results for nearly two years after the outbreak of the pandemic, interest charges on them began to weigh on corporate profits.

Listed companies (ex-BFSI) combined interest expense increased 18.5% year-on-year (YoY) in Q2FY23, compared to an 8.8% year-on-year decline in their combined operating profit during of the period.

This is the fastest growth in corporate interest charges in at least three years. Read more…


Under scanner: special trade data sharing mechanism in preparation

The revenue and trade departments are working to develop a special mechanism to share crucial export and import statistics, following examples of data leaks putting businesses at risk.

“The Revenue Department will put in place a mechanism that will allow ‘encrypted access’ to business data which will be shared in a secure manner,” a senior government official said. Trade standard. Departments disagreed over data sharing and a delay in compiling daily and weekly trade data. As data sharing resumed last week, departments are trying to have a strict mechanism on how much data will be shared. Read more…


CBDT offers a common ITR focused on reporting crypto assets

The Central Board of Direct Taxes (CBDT) has proposed a new Common Income Tax Return (ITR), placing greater emphasis on the disclosure of income from virtual digital assets or crypto assets and equity instruments and of foreign debt held by Indian residents.

For non-resident Indians, RTI’s draft seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has a significant economic presence (SEP) in India, as well as the number of users in India.

The ITR protocol for NRIs could broaden the scope of the SEP principle which was introduced in the draft finance law 2018-19, and the “commercial connection” explicitly defined to include the provision of data or software downloads, if the Cumulative payments from these transactions exceed a prescribed amount, or if a multinational’s interaction is with a prescribed number of users. Read more…




Open Door to No Satellite Spectrum Regulation in Revised Telecommunications Bill

The updated telecommunications bill will aim to set the guidelines for satellite spectrum – which the government could explicitly differentiate from terrestrial spectrum – but could not regulate it, officials say.

In the bill released last month, the Department of Telecommunications (DoT) extended the definition of “telecommunications services” to include satellite communications services. Currently, the government has the exclusive right to establish, operate, maintain and extend all telecommunications services; and use, allocate and allocate spectrum. Read more…


NITI wants infrastructure projects to be decades behind schedule and complete by end of FY23

Even as new infrastructure projects keep being announced, the Center has shined the spotlight on projects that have been delayed for decades and is ensuring their completion by the end of this fiscal year (2022-23, or FY23) .

The NITI Aayog Center think tank – responsible for monitoring energy and infrastructure – has shortlisted 494 projects worth 5.66 trillion rupees to be completed by March 2023, Business Standard has learned. These include 279 road and highway projects worth Rs 1.92 trillion, oil projects worth Rs 1.11 trillion, nearly Rs 1 trillion railway projects, according to an internal report of the central think tank. Read more…

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